Appraisal Journal articles from October 2003

Appraisal Journal archives from October 2003

Fuel station operated by city is exempt from ad valorem taxation.(cases in brief)(Brief Article)
October 1, 2003... A city's property used for fuel storage tanks and fuel-dispensing pumps was used for a public purpose and, therefore exempt from ad valorem taxation, according to the Supreme Court of Kansas. The City of Wetmore, Kansas, operates a...

Administrative office of not-for-profit providing services out of state is tax exempt.(cases in brief)(Brief Article)
October 1, 2003... Real property used by a not-for-profit corporation for the administration and management of the organization was entitled to an exemption from property taxation, according to the Supreme Court of Vermont. The Institute of Professional...

Law requiring property owner's consent for rezoning ruled unconstitutional.(cases in brief)(Brief Article)
October 1, 2003... The Court of Appeals of Arizona ruled that a state law prohibiting counties from rezoning land in a manner that restricted the permitted uses without the landowner's permission was unconstitutional. In 1998, Arizona enacted a law that...

Interim zoning for temporary buffer zone is permissible.(cases in brief)(Brief Article)
October 1, 2003... The adoption of building moratorium amendments did not exceed a city's police powers, and also did not constitute unlawful spot zoning, according to the Appeals Court of Massachusetts. The W.R. Grace & Co.-Conn. and Alewife Land Corporation...

Corridor assessment applies only to properties fronting highway.(cases in brief)(Brief Article)
October 1, 2003... A land order providing the assessment range of real property within a highway corridor applied only to properties fronting the highway, according to the Tax Court of Indiana. Park Steckley I owns two parcels of commercial land in Hamilton...

City property held for resale is tax exempt.(cases in brief)(Brief Article)
October 1, 2003... Real property acquired and held by a city for resale was exempt from real estate taxes, according to the Supreme Court of Nebraska. The city of Alliance, Nebraska, created several improvement districts in connection with the anticipated...

Removing direct access points to highway does not constitute taking of property.(cases in brief)(Brief Article)
October 1, 2003... The Court of Appeals of Wisconsin ruled that the deprivation of direct access to a highway did not constitute a taking of property, provided that a reasonable access remained. National Auto Truckstops, Inc. (National) owns a truck stop at...

Court rules that disaster relief for taxpayer not determined by comparative assessments.(cases in brief)
October 1, 2003... In a case of first impression in that state, the Tax Court of Indiana held that a determination to afford disaster relief to a taxpayer is not to be made by comparing the assessed value of the destroyed property to the gross assessed value of...

Out of the economic doldrums?(Financial views: fall 2003)
October 1, 2003... Commentary The economic indicators of the summer of 2003 were among the more closely watched in recent history, with consumers, companies, and investors keeping an anxious eye on an economy that showed signs of breaking from its doldrums....

Asset valuation under nonmarket conditions in transitional economies: the case of Ukraine.(international appraising)
October 1, 2003... Ukraine is often called a "transitional economy," a term that implies a gradual but continuous process of change by willing economic and political agents. In fact, this is not the case. Rather, the evolution of the economy can best be described...

Methods and techniques for contaminated property valuation.(environment and the appraiser)
October 1, 2003... A noted in the previous edition of "Environment and the Appraiser," (1) assignments involving contaminated properties, or properties that may be impacted by environmental contamination, often require specialized valuation methods and...

Appraising special-purpose industrial facilities for ad valorem purposes.(features)
October 1, 2003... abstract As counties and municipalities struggle through tough economic times, the appraisal of special-purpose industrial properties for ad valorem purposes has become increasingly contentious. Adjustments to the assessed value of a...

Recreation ranch appraisal.(features)
October 1, 2003... In the past decade, sales of livestock ranches have been to a new purchaser class that is motivated by the purchase of ranch lands for investment, recreation, and prestige. Prices have inflated rapidly beyond considerations for an economic...

A practical tool to assist in analyzing risk associated with income capitalization approach valuation or investment analysis.(features; Excel model)
October 1, 2003... abstract Appraisers often apply the discounted cash flow (DCF) model when performing an appraisal or investment analysis using the income capitalization approach. Use of DCF requires an appraiser to forecast future periodic cash flows and...

The future of the valuation profession: diagnostic tools and prescriptive practices for real estate markets.(features)
October 1, 2003... abstract To survive in the new century, valuation professionals will need to be information arbiters, not information gatherers. They will help clients, markets, and even nations sort through a sea of information and determine which...

The importance of market analysis in the valuation of self-storage facilities.(features)
October 1, 2003... abstract Self storage has earned a place in the real estate investment universe and has been embraced by Wall Street investors. However, it is increasingly difficult for market participants to uncover good self-storage opportunities due to...

Tomorrow's appraiser: AQB sets a higher standard.(notes and issues)(Appraiser Qualifications Board of The Appraisal Foundation asks for feedback)
October 1, 2003... The next generation of appraisers will face more rigorous training than their predecessors on the road to becoming state licensed and certified. Unchanged for over ten years, the educational requirements for entry into the profession have been...

Several papers of note from the American Real Estate Society annual meeting.(notes and issues)
October 1, 2003... The Nineteenth Annual American Real Estate Society (ARES) Meeting was held in Monterey, California, on April 2-5, 2003. Over one hundred papers and panels were presented by academicians, PhD students, and researchers, as well as practioners....

The housing bubble.(notes and issues; valuation)
October 1, 2003... In recent weeks, there has been a flurry of articles written in respected newspapers and magazines asserting that there is a worldwide "housing bubble" (usually compared to the "dot corn bubble'). These articles prominently feature a...

The Other Path: the Economic Answer To Terrorism.(Book Review)
October 1, 2003... Published by Basic Books, New York, New York, 2002, 273 pages $15.00, paperback Why read this book? After all, it is not an appraisal how-to book, nor does it really have anything to do with appraisal tools or valuation theory. This...

The Smart Money Guide to Real Estate Investing.(Book Review)
October 1, 2003... Published by John Wiley & Sons, Inc., New Jersey , 2003, 212 pages $24.95, hardcover Individual investors, smarting from losses in the equities market since 2000, have become enamored with real estate as an asset class that offers...

Reader questions methods for analyzing supply and demand of convenience stores.
October 1, 2003... Robert E. Bainbridge's article, "Assessing Supply and Demand of Convenience Stores" (July 2003 issue), provided a detailed and thorough review of supply and demand analysis. However, in my 30 years in corporate finance, and financing and...

Convenience Stores and Retail Fuel Properties: essential appraisal issues.(publications of the appraisal institute)(Book Review)
October 1, 2003... by Robert E. Bainbridge, MAI, SRA (2003) Softcover, 147 pages, illus. Stock no.: 0692M Members: $30 Nonmembers: $35 Convenience stores are everywhere and most appraisers will face the challenge of valuing these complex...

Market Analysis and Valuation of Self-Storage Facilities.(publications of the appraisal institute)(Book Review)
October 1, 2003... by Richard R. Correll (2003) Softcover, 75 pages, illus. Stock no.: 0693M Members: $30 Nonmembers: $35 Introductory member price for a single copy through January 31, 2004: $24 Self-storage properties are found in...